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It appears to me as if SMRT has broken out from a H&S continuation pattern
which points for a minimum target around 8.5-9.
GC98Z appears to me as going to test 290 after an ABC wave correction
against the 50% retracement level (intraday highs approached 62%).
Moreover, assuming that my countings are correct and GC98Z is not
consolidating (a valid assumption in my humble opinion because of the high
volume in the past wee), GC98Z is just on its third wave of a larger degree
wave3. And waves 3s are supposedly the most extended moves; both degrees
together call for immediate action.
On a little bit fundamental side, the Japanese election appears to be a joke
for me since the darn conservatives remain in power although the new prime
minister seems to be aggressive but that is relative talking. With CD98U
weak as I am physically, dollar is likely to stay on the rise. Both points
to a more serious downturn in gold prices.
In short, the big picture appears ugly and I would short gold if it breaks
down 290 (assuming I didn't short it already).
HMJ
PS: this is my first serious thread. I hope you enjoy this.
DISCLAIMER: I am just an obsessed highschool student...
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